Jason Dillard
@REExchangor
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Real Estate Exchangor, Investor, and Broker.
Greenville, SC
Joined March 2022
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Real Life Conversation:
Met with a seller a while back, I offered 90k for house she inherited.
She said, “No, gotta be 120k.”
Me, “Why?”
Her, “That’s what my daughter’s college is gonna cost”
Long pause….
Me, “How old is she?
Her, “9.”
Me, “Can I give you 120k in 8
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BTW....this is the most common way y'all are buying real estate....Cash down payment and borrow from a lender to get seller all Cash.
As a matter of fact....it's the only way most know how to buy real estate...except all Cash.
I you didn't understand this was a "normal"
Three way exchange that y’all’ve probably never heard of:
Seller has Deed, wants Cash.
Buyer has some Cash, wants Deed.
Lender has Cash wants Note and Mortgage.
Buyer gives lender Note and Mortgage to lender for some Cash.
Seller gets all Cash from buyer.
Three way.
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Need write offs and want passive income?
Buy a tiny homes from us. Use accelerated depreciation and our financing to maximize your after tax return. Your home stays in our community and we provide cash flow with a fixed NNN lease back.
Let's talk?
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If you had 250k and had to spend it to buy RE with no banks by end of yr, what would you buy?
Cause I got 250k and I need to spend it to buy RE with no banks....you get it.
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Don’t say you can’t find a seller that won’t help.
Some are just hoping for a greater fool. Next!
Some will never see or understand your offer because of their broker…..Don’t be that broker.
Some WILL help when you improve their position.
What do I mean by help?👇
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Closing agent needed my LLC’s EIN number. I couldn’t help myself. I explained it’s an EIN. Not EIN number. Employment ID Number Number? Just like SAT test…ATM machine. Don’t get me started on HOT water heaters.
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Have 1.7m in 1031 cash coming in about 36 days. Have to replace 1.8m in debt. Will go up to 6m. Not geographically bound. Any property type. Like OZs but share anything.
Also, have 1.2m 1031 cash in 60 days with no debt. Can add 2m cash with this one.
What chall got?
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Broker, “Seller wants Cash.”
Taker, “Got it, what’s seller gonna do with Cash?”
B, “Why does that matter? He wants Cash.”
T, “So you don’t know his plan for the Cash?”
B, “No.”
T, “Wanna find out so you can earn 2 fees?”
B,….long pause, “2nd fee would be bigger than 1st.
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Looks like we will have 2.4m cash and need to replace 1.8m debt in a 1031 in 60 days. Not geographically bound. Will go up to 6m or buy multiple properties. We are problem solvers with this cash. Seeking upside over income. We are buyers of RE not your syndication.
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Paying extra on your mortgage makes as much sense financially as drinking nonalcoholic beer. Your not gonna get you drunk, but you will smell like one.
Payoff, refi, or even better, definance.
Never pay down. Bank has your money and the phantom income generates tax.
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Why would you wanna sell a great property like this?
What’s the least you would take if I could close quickly?
So, what you gonna do with the money when you get it?
If you could make the same amount of money without any work, how much better would that be?
What’s the best
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Just got a balloon note due in six months worth 150k for 120k. It’s a first on a 750k property. I’m grateful I learned about paper.
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“Why would I borrow money from an bank when I can get it a zero% from my sellers?” -My Mentor
How can you get killer debt on your keepers without adding your Cash?
Offer Cash and Paper secured by YOUR keeper to buy a Flip.
Ex:
Owe 250k on keeper worth 1.5m
Offer 500k and 1m
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Just got an offer of 700k on one of our properties.
We OWE 330k.
So, if this closes, we are buyers with 700k cash.
Anyone confused?
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“But I can’t Seller Finance because I need Cash”……. you can sell the Paper for Cash at close.
“I can’t Seller Finance because I have to 1031”…… you can 1031 your Paper.
“I can’t Seller Finance because the down payment won’t pay off my loan”……you can wrap your debt and
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Created some Paper yesterday. Y’all listening? Sellers make the best lenders.
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Just received a memo from our board of directors:
“You are authorized to make investment commitments up to 500 million between August 14th - 19th, 2023. All funding will be frozen thereafter.”
Help? If you have anything let me know ASAP?!
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We all have a silent partner that takes a chunk of our profits. He won’t help cold call or raise more money. He checks our books so he gets his share. His piece gets bigger the more we make. We should minimizing that partner’s involvement.
Who is the partner?
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74 Pad Tiny Home Community coming along.
All we lack is finishin’
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Wanna raise odds of getting a creative offer accepted? Determine the seller’s problem and make an offer that solves it.
BTW, RE wouldn’t be on the market if there wasn’t a problem. Properties without problems are keepers.
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Had a 1031 buyer say, “I have 700k cash and have to replace 600k debt.”
I said, “We can PARK it for you and GIVE you the debt with a contracted YEILD.”
What’s that mean?
Park: Sell a property we can buy back in future.
🧵
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Buy it ugly.
Fix it up.
Seller Finance it for way more than you have in it.
Trade the Paper you just Created for something ugly.
Fix it up.
SF it for more.
Trade Paper for bigger ugly RE.
Fix it and Create Paper.
Trade Up
Create
Trade.
Create.
Trade………
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Ask 275k. Offer 300k.
I offered 100k cash. 200k in paper at 555 a month for 30 years, secured by one of our rentals.
Great way to buy no money down.
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Here’s an idea that works:
If you notice an abandoned property that has taxes falling behind, just go quitclaim it to yourself.
Pay the taxes and after a period of time, start using the property.
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Make offer half Cash and half Paper(1st on another property)…how is it presented to client?
Uppity Broker: “I can get it sold to a REAL buyer.”
Ignorant Broker: Is thinking… “I don’t understand this offer….and I won’t embarrass myself and even try to explain to my
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Ask is 1.35m.
Debt is 500k.
User selling and going down and out. Willing to finance.
My offer:
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Just to make sure y’all get it:
Sellers make the best lenders……..on properties that they did NOT sell.
I wish it would’ve sunk in my hard head 10 yrs ago. Don’t be like me. Let it in.
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12 hours from now this room will be full of over 100 exchangors collaborating to get as many deals done as possible with one another and their clients….it’s our very own March Madness that last 3 days.
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Example offer we almost got accepted:
If you owed 2m, you were asking 5.9m, and your office building had no income, why wouldn’t you consider this offer?
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So we had to borrow 100k at 7% from a private lender to buy a house because we had no money.
Later we scraped up 60k to buy a ugly house. Created some Paper as we seller financed it for 100k at 9%.
Since free and clear houses are easy to trade up…..
🧵
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How do Options Work?
Wanted a bike
Store didn’t have bike in stock
Got a rain check, good for a yr
Don’t have to buy bike, but can for same price
6 months later…..Best X Games trick ever performed on same bike
Er’body wants bike
Sell rain check for 5k
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Met with private lender today that I owe a 46k annual interest payment soon. After some questions, I realized he doesn’t want cash. He’d rather let it compound and not get a 1099int. I helped him out.
I’ve told you guys…nobody wants dirty, nasty, taxable, stagnant, cash.
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Boomerang:
Had this house for 17 yrs.
Sold on contract(seller financed) 4 times.
It’s ready for number 5.
Collected down payments equal to more than we paid for it long ago.
This time we will sell for triple compared to first time.
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@theficouple
Terrible advice. Never pay extra unless it removes a payment. The entire extra payment is phantom income. Why give extra to bank to save 6.5% and then give earned income rate to IRS? It’s math.
Also, inflation makes your payments in future cheaper.
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Looked at a house today. I was impressed. Little bit difficult to tell, but this microwave will warm up your food and it also holds up the upper cabinets. Duel benefits.
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Don’t underestimate the power of a wrap around mortgage in our current market. I have 3.75% loan for 1.8m on an industrial. We can wrap it with a 5% loan to a buyer and beat a new bank loan. More money even after you have sold. Wrap it UP!
Older your loan is the better. Why?
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Had 1 new follower yesterday so I thought I would reintroduce myself:
Im a Debt Walkin', Paper Creatin', 1031 Parkin', Option Tradin', Benifits Providin', Problem Solvin'.....Son of a Gun!
EXCHANGOR! WHOOOO!
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Have Cash seeking deals.
100k up to 10m.
Not geographically bound.
Will look at any property type.
Like solving problems to create upside.
Can do development or take on negative cash flow.
Whatcha got?
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@meetmikehiggins
Keep.
Create a note for 100k that pays 500 a month secured by your house. Trade the note to buy another fixer property. The new one will be free and clear.
Wanna guess what to do with that one?
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Never reject a high offer even if you don’t want to dispose.
Counter with an option to buy back. Get the cash and keep the upside.
Or, accept subject to finding a replacement property. Shop with your buyer’s cash for a while. Who knows, may find RE with more benefits?
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Just met with bookkeeper and explained the 7 HUD transaction. Gave her a headache 🤕
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Call me Luke DebtWalker. Use accruing private loans on flips and never pay em back. Walk the debt. Why? Lowers your interest rate. Ex: 100k at 10%, owe 110k in a yr. Move debt to new flip, have 110k will owe 120k in a yr. Your new internal rate is about 9%. Yr later gets better.
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@SFR_Investor
Opps. We kicked out the wrong owner after we won a foreclosure sale once. Evidently they weren’t paying their bank either.
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Just found out our tenant, TD bank, is gonna sign a new lease that’ll increase building’s value 1m bucks.
So what’s the first thing I started planning to do with this property?
1st right answer gets all my winnings in Vegas at NCE…
@CaseyMericle
and
@re_exchangor
excluded.
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If you Seller Finance a property:
You just became a lender.
You own Paper.
You own a asset that looses value to inflation.
The interest you earn is taxed as earned income.
You lost depreciation and are subject to recapture and cap gains tax.
But, you do have a line of
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My work almost never feels like work. Especially this morning.
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Learned something new, AGAIN at GEMS today: When a bank won’t allow a seller held 2nd, take note unsecured and trade it for an option and master lease back on property with same terms as note. New owner can buy back option…works like a balloon.
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I’m only 50 yrs old but I have 15 reverse mortgages right now….and I’m always making offers to borrow more. Reverse mortgages are like butta, the bee’s knees, sliced bread, pay at the pump…y’all get it?
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Just had a seller tell me they wouldn’t sell because it’s paid off and their return is just too good to replace since she bought it so cheep 15 yrs ago. Huh? The return on her equity is about 5%. She thinks she is earning 30%.
Equity has no cash flow.
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Day 2 in Destin at the Society of Exchange Counselors’s 3 Day Marketing Session
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“My sign’s still on it!” - Alex
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No power, internet, and very weak cell signal here. I ain’t ignoring all y’all.
Using my truck to power fridge and some lights.
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How did exchangors create deals back in the day?
Almost the same way we do it now....Just ask Pete.
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@MultifamilyMad
This is a great strategy. He makes it up in volume.😀
He may be buying with terms secured by another property. He gets to keep the lender/seller with soft terms on another deal. Killer way to get cheap money.
Get it?
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This is how we buy with no money outa pocket, no syndication, and most likely no bank. 👇👇
Understand?
Ask is 1.35m.
Debt is 500k.
User selling and going down and out. Willing to finance.
My offer:
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How I read PSA when buying:
Words, words, PRICE, words, words, attorney words, attorney, words, attorney, words, attorney words, attorney words, attorney words, ….CONTINGENCY …attorney words, attorney, attorney words, attorney, words, ..close date ..sign here.
Looks good.
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60 exchangors today at GEMS Regional
In same room all day
Lenders with Cash
Borrowers that need Cash
1031’s seeking replacement property
Sellers with property to park 1031s
GP’s Raising Money
LP’s Placing Money
Brokers with listing to sell
Buyers with real estate to
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Y’all create debt with banks? Don’t do that if you can help it. They want money back.
Y’all pay back lenders with cash? Don’t do that if you can help it. They want bigger/safer returns. So…?
Pay off private debt WITH Created Paper…it’s cheaper that way.
Got it?
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1m property at 8 cap. Seller needs 500k.
Offer seller 500k cash and 500k note at 16,677 a yr for 30 yrs secured by ANOTHER property.
Borrow 750k on seller’s RE 8% I/O
Buy another 250k RE at 8 cap.
Combined NOI 100,000
Combined Debt Service 77ksih
Questions?
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Why would a seller wanna become your lender at a low intrest rate?
What if you gave them more than they are making now with less risk and no work?
How can you do that?👇👇
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Wanna buy more Real Estate?
T BAR
Draw a big T on actual paper
On left side-current situation
On right side-potential situation
If you like Current more than Potential, then don’t MOVE.
But…..
Current- negative cash flow for indeterminate amount of time
Potential- Some
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Avoid the tax by:
Exchange, Exchange, Exchange, and Die. Basis steps up for heirs.
So…
Got a seller with low basis?
Don’t buy now, Option now….buy later from Estate.
Heirs get all Cash with no Tax later.
You can Master Lease for Cashflow in meantime.
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@JeppsenJonny
Here is a pic I took of one we bought. I liked it so much I framed it with a message. It hangs in my office behind my desk.
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@SMBTelecomGuy
@KrissBergTweets
@CaseyMericle
The the asking price, minus an offer they turn down, divided by the holding cost, is the interest rate they are paying to protect the equity they think they have.
Ex:
Ask...1m
Offer 900k
Equity over offer...100k
Carry Cost...25k/yr
Rate being paid to protect equity=25%
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Ways We’ve Bought Real Estate:
Seller couldn’t afford payment…we made em.
Seller didn’t have cash for repairs..we paid for em.
Seller’s income wouldn’t cover living expenses…we gave her more income.
Seller couldn’t make house and motorcycle payments…we paid off bike.
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Here’s a challenge for the smart folks…what’s going on with this HUD? What’s circled in blue?
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@constantraise
If you create debt service that’s less than NOI, you have cash flow.
Price doesn’t matter if you’re cash flow focused.
If you “pay” more for RE, the depreciation is bigger. Keep more cashflow.
If you have walkable debt, you can sell for less than u owe and exchange up.
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Bought a little flip house today. Used a private lender. I circled all the loan fees for ya…in blue.
BYW it’s an accruing note too. Easier to afford payment when there is no payment.
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In case y’all run into a motivated seller, here are a couple things the seller could do to grease the skids:
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Unbelievable.
One thing I remember from a negotiating class.
No matter what you think, if the other side asks your opinion, just say……..Unbelievable.
How’d the property tour go?
It was Unbelievable.
What’s up with the leases?
They are Unbelievable.
Don’t you think
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Ever wondered why the mega wealthy buy RE?
Of all the benefits, what’s the Billionaire’s main reason to own RE?
Is it cash flow, appreciation, ability to leverage, safety, depreciation……maybe other tax shelters like cost segregations or the “new” OZs benefits……..?
🧵
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Have 300k coming out of a sale lease back in a couple weeks. Not 1031 cash. Would like to use as down towards overpriced deal. Who has that stubborn client and needs a full price offer? Will go up to 3m.
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RE’s closest thing to a crystal ball. Extrapolate and make your own predictions.
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If you really want to learn a strategy that can help you do deals, don’t even read my post that have a lot of impressions. Find the ones almost nobody read.
It’s remarkable how the most popular posts are just interesting, but the powerful ideas are overlooked.
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Rent your equity. Have free and clear land that’s just holding the earth together and want some income? Offer to allow another investor use your equity as additional collateral for a fee.
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Creating Paper, Selling an Option, Extending a Lease, Walkable Liens, Wrapping Debt, Splitting Land and Improvements, and Providing Management….can increase RE’s equity.
Don’t improve the sticks and bricks to Add Value on every deal.
Drive some nails with Brainpower.
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Today I met a GC, 2 engineers, roofer, and electrician at my 110k sq ft building with my t-shirt, gym shorts, and faded out baseball cap on. Gonna add solar.
We all just stood there…talking about nothing…..waiting on the owner to show up ……for about 5 minutes…..fun.
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I’m 6 ft tall(including hat). Nice loft in our tiny homes.
Also, proof I have a face for radio.
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Hi my name is Jason and I’m a deal-alcoholic. It’s been 2 days since my last deal.
Jonesing for another.
Y’all know you wanna do it. It’ll make you fell good.
Do it…Everyone will like you.
Who has one for me? Not nice to not share.
Help?
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How do you borrow money at a very small interest rate?
Ain’t from a bank.
Exchange, Master Lease/Option Back, and Quick Sell your Replacement.
Now y’all know my secret. Use it well my Friends.
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Owner calls from our letter just to let me know that they aren’t interested in selling.
I ask, “If you could buy a better property with your equity, any reason why you wouldn’t sell then?”
An honest answer to that question is always NO!
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How many others don’t really know how many properties you own?
I don’t.
We had a couple closings today so I think we have 4 more and kinda sold 1?
My brain has no rearview mirror.
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My favorite story from a Broker in our Society about land:
A 300k free and clear commercial lot was presented at marketing meeting by Alex. The owner wanted to buy something with income and could add cash. So…
🧵
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My day:
I was thinking about how to buy more RE. Then I was wondering how I could raise more money. So I took a nap. I woke up thinking about buying RE and raising more money.
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Have a seller that is considering seller financing and wants to learn what the tax benefits are?
Let the IRS learn em’ 👇👇👇
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How do you exchange a bunch of single family houses that are 50% leverage into a big profitable commercial project?
I have an answer, but I wanna learn yours?
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Y’all don’t get it
Don’t have a ton of cash
Almost never use banks
Don’t have a fund or syndicate
How can we be doing millions in transactions a yr…including development, with out these tools?
Deals are everywhere.
Wanna see em?
There not in the sticks and bricks.
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RE Investor 101:
Assignment fees are cool but taxed as earned income.
RE Exchangor 407: Assigning fees for options are wicked cool and not taxable for either side.
Don’t earn assignment fees after your passive income covers your living expenses.
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Great class in Charlotte today!
Oh, and found a picture of me from when I was younger:
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Have tiny home development under construction. Seeking cash from investors that can use write offs. We will be constructing tiny homes. Can shelter up to 14m with accelerated depreciation. Very high yields for those who can use write offs. Takers?
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When selling on Bond For Title, record a Mortgage/DOT back to one of your entities, THEN wrap the buyer’s lien.
The 1st is a placeholder you can use in the future.
Need Cash, place a new lender in between by assigning your 1st mortgage.
Your Paper is a Line of Credit.
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Met a seller at house he was trashing out:
Seller: The tenants left a mess this time.
Me: How long you been here?
S: Already filled that dumpster once and now I’m back.
M: Dude, why isn’t your partner here helping you with all this work?
S: Told you on the phone I’m
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Motivated sellers can become your cheapest debt if you just make the right offer….remove banks from your life.
This works on every price point and property type.
Don’t be stubborn….take the time and effort to learn.
Don’t get it?…Ask.
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Some of y’all asked for a quick lesson:
Real Estate owners hold title with a Deed. Last Grantor transfers to new Grantee…..ownership has changed.
Owners sign to record liens….like a mortgage/DOT.
RE owner can’t sign to remove the lien. The lien HOLDER
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Important Real Estate Definitions:
Market Rent….why ain’t it actual rent?
Gross income…worthless without knowing expenses.
Appraised value ……..is appraiser gonna buy it?
Priced under replacement……what if I’d replace with without asbestos and stuff?
Have tons of
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I asked my mentor how he convinces sellers to exchange?
He said, “I ask em, if I push a 100 bill across the table in exchange for a 20, would you take the 100?…most say Yes…..then I ask. How many times you wanna do that?”
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